House prices have risen in Lee County over the past year, providing homeowners with exciting opportunities.
House prices continue to rise in Lee County, Fl., according to recently-published statistics — a positive sign for the county’s real estate market. Average sale prices are significantly higher than they were a year ago, proving the market shows signs of considerable growth. Moreover, more properties were advertised in the county in October 2016 compared to the same month in 2015, providing housebuyers with more choice.
According to statistics, there were 5,157 single family homes available for purchase in Lee County, a rise of nearly 20 percent from the same month in 2015. Back then, there were just 4,392 single family homes on the market. The condo market is also in a healthy position, with the number of these properties rising from 2,152 to 2,945 over the period of a year — an increase of 37 percent.
Despite the abundance of new property stock, houses are taking longer to sell than they did in 2015, however. The “median time to contract” — the measurement used to work out how long it takes for a property to sell, from its initial release on the market to exchange of contracts — lengthened slightly. In 2015, it took an average of 46 days to sell a property after it was first released on the market. In October 2016, it was 54 days.
The number of closed sales has also plummeted. A total of 1,027 single family homes were sold in October 2015, compared to less than a thousand in October 2015. This was echoed in the number of pending sales, too, which decreased by more than 12 percent. In 2015, there were 1,254 pending sales; in 2016, this number dropped to 1,096. Fort Myers Beach and Estero experienced the biggest reduction in closed sales, while the former also saw the biggest decrease in median sale price.
There were positive signs for the supply of inventory, however, which now stands at five months. This is an increase of 28 percent from the same period in 2015 when the supply of inventory sat at 3.9 months.
Homeowners are advised to take advantage of the booming property market in Lee County. However, hiring the right real estate agent is a must. Choose a professional who knows the market and can react to the latest property trends.
House buyers who are looking for real estate Cape Coral should also hire the services of a professional. They can take advantage of the market when they work with a Cape Coral real estate agent who has the experience, knowledge, and credentials to secure them the home of their dreams.